Home News Bitfarms bought 1000 BTC for $43.2M

Bitfarms bought 1000 BTC for $43.2M

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The mining company Bitfarms, listed on Nasdaq and the Toronto Stock Exchange, bought 1,000 Bitcoin (BTC) worth $43.2 million on the company’s balance sheet in the first week of 2022.

Thus, its holdings increased by 30% to more than 4,300 BTC.

The company also added approximately 1,000 BTC to the balance in the third and fourth quarters of 2021.

Bringing the hashrate to 3 EH/s by March 31, 2022 and to 8 EH/s by December 31

“With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC. We continue to be committed to executing our operational growth strategyโ€. Explained Bitfarms CEO and founder Emiliano Grodzki.

Moreover, Grodzki recalled the company’s goal of bringing the hashrate to 3 exahash per second (EH/s) by March 31, 2022; and to 8 EH/s by December 31.

Founded in 2017, Bitfarms operates vertically integrated mining operations with onsite technical repair; company-owned electrical engineering and installation services to ensure high operational performance and proprietary data analytics.

Executing operational growth strategy

In October, Bitfarms began construction of a data center for 55,000 miners in Argentina with a capacity of 210 megawatts (MW).

Later in November, the mining company announced the acquisition of a 24 MW data center in Washington State, USA, for $26 million. Bitfarms has signed an agreement of intent to expand capacity to 99 MW. Furthermore, electricity at the facility is generated from renewable sources. Consequently, this reduced its cost by 25% compared to the site in Quebec, Canada. The average value for all mining centers of the company dropped below 4 cents per kilowatt.

Recall that previously in December, Bitfarms received a $100 million Bitcoin-backed loan from Galaxy Digital. According to the press release, the company has already mastered $60 million issued for six months at a rate of 10.75% per annum. Bitfarms will receive the remainder within the next months.

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